IMF mission to travel to Argentina to review $20 bln program on Tuesday
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IMF mission to travel to Argentina to review $20 bln program on Tuesday
The IMF had in April approved the four-year Extended Fund Facility deal with Argentina. A $12 billion disbursement was set for April and another $2 billion was made available for June. Under the deal, Argentina must build up some $4 billion in net foreign reserves by the end of this year.
BUENOS AIRES, June 23 (Reuters) – A technical mission from the International Monetary Fund is expected to arrive in the Argentine capital Buenos Aires on Tuesday for the first review of a funding program worth some $20 billion, an IMF source told Reuters on Monday.
The IMF had in April approved the four-year Extended Fund Facility deal with Argentina’s government, which had prepared for the deal by dismantling key parts of the country’s years-long currency controls.
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A $12 billion disbursement was set for April and another $2 billion was made available for June.
Under the deal , Argentina must build up some $4 billion in net foreign reserves by the end of this year compared to the end of 2024, but pressure on the peso has hampered the government’s efforts.
The IMF source said the mission would be led by economist Bikas Joshi and that more information on the next steps would be shared in due course.
Reporting by Walter Bianchi and Rodrigo Campos; Writing by Sarah Morland; Editing by Aida Pelaez-Fernandez
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